North Field–South Pars: from the world’s largest gas resource to global markets

The 2026 Middle East conflicts have struck at the heart of global gas supply. Qatar’s North Field and Iran’s South Pars have both sustained damage, creating cascading implications for LNG markets, buyer behaviour and long-term energy security. No gas asset has a greater impact on global gas markets than the world’s largest gas resource, shared by Qatar and Iran. Damage to production and processing infrastructure on both sides of the field has exposed the geographical concentration and interconnected vulnerabilities embedded across the wider value chain, from upstream production and gas processing to LNG liquefaction and export infrastructure. Wood Mackenzie is publishing an analysis of the immediate operational shock and recovery constraints across the upstream, midstream and downstream value chain, from field production and gas processing to LNG liquefaction, shipping and export infrastructure. The analysis assesses the implications for regional and global gas and LNG flows.